DanO
New Member

Investors & landlords

If you would have owned and lived in the property as residence for two years and then sold it, you could have taken the tax deduction $250,000 or $500,000 if married filing jointly.  There is nothing to do now.

A business portion would be the amount of the total property or asset that is used for producing an income as opposed to personal use.  Assets that are used for business could be depreciated to reduce taxes, for instance.